Another stock that a caller offered up during the Mad Money "Lightning Round" Tuesday evening, was Gogo (GOGO) : "They're just so-so. I'm not a fan," Jim Cramer said of the company that's an in-air platform for travelers.
Let's return to our seats and check out the charts of GOGO.
In this updated daily bar chart of GOGO, below, we can see that prices have been stuck in a sideways trading range since December. Prices are now trading below both the 50-day moving average line and the slower-to-react 200-day line.
The On-Balance-Volume (OBV) line shows some slight weakness from early March. The Moving Average Convergence Divergence (MACD) oscillator is below the zero line but has turned upwards to generate a cover shorts buy signal.
In this weekly Japanese candlestick chart of GOGO, below, we see a neutral to bearish picture. Prices have been stuck in a sideways range for months. Trading volume has been declining for months now.
The weekly OBV line is neutral and the MACD oscillator has been pointed down and is very close to the zero line telling us that trend-strength has been weak.
In this daily Point and Figure chart of GOGO, below, we can see that prices are pointed down with a bearish price target.
In this weekly Point and Figure chart of GOGO, below, we can see a potential $8 price target.
Bottom line strategy: The charts of GOGO look like they can drift lower to the $8 area. A weak close below $8 could open the way to further losses.